Moody’s lifts Tatneft view to stable

Moody’s Investors Service said it changed the outlook on Tatneft PJSC to stable from negative.

The agency also said it affirmed the company’s Ba1 corporate family rating and Ba1-PD probability of default rating.

The outlook revision follows a similar change to the outlook on the sub-sovereign rating of the Republic of Tatarstan, Tatneft’s major shareholder, Moody’s said.

The stable outlook reflects the stabilization of Russia’s credit profile, the agency said.

The agency said Tatneft’s Ba1 rating reflects a one-notch lift above the rating of the Republic of Tatarstan and is on a par with Russia’s country ceiling for foreign-currency debt.

The rating also considers the company’s financial strength and its ability to absorb any potential additional fiscal burden from the Tatarstan government, Moody’s said.

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